Compare the three ways to buy
The payment, the cash to close, and what is left to pay
Assumption
Assumption only
$1,029/mo
Lowest payment- Down payment
- $140,109
- Funds due
- $149,439
- Interest + MI left
- $31,431
- First ends
- Jun 2050
Assumption
Assumption + second
$1,887/mo
+$859/mo- Down payment
- $23,109
- Funds due
- $33,843
- Interest + MI left
- $223,493
- First ends
- Jun 2050
New loan
New conventional
$2,024/mo
+$996/mo- Down payment
- $23,109
- Funds due
- $31,190
- Interest + MI left
- $295,158
- First ends
- Jan 2057
Monthly payment
The initial total housing payment for each option.
| Assumption only | Assumption + second | New conventional | |
|---|---|---|---|
| First mortgage | $84,891 | $84,891 | $201,891 |
| Second mortgage | — | $117,000 | — |
| First P&I | $412.49 | $412.49 | $1,367.68 |
| Second P&I | — | $858.50 | — |
| Mortgage insurance | — | — | $40.38 |
| Taxes, insurance & HOA | $616.25 | $616.25 | $616.25 |
| Total housing payment | $1,028.74 | $1,887.25 | $2,024.31 |
Cash to close
Down payment, closing costs and prepaids, then credits.
Down payment$23,109
Closing costs & prepaids$10,735
Usable credit−$0
Total buyer cash needed$33,843
Earnest money paid−$0
Remaining funds due$33,843
Assumption fee$763.00
Credit report$200.00
Tax service$80.00
UMe assumption specialist (1%)$2,250.00
Title & settlement$1,825.00
Recording fee$100.00
VA funding fee (0.5%)$424.46
Second-loan charges$1,250.00
Home insurance (12 months up front)$1,800.00
Insurance escrow (3 months)$450.00
Property tax escrow (3 months)$798.75
Initial HOA (3 months)$600.00
Prepaid interest, first (6 days)$39.49
Prepaid interest, second (6 days)$153.86
Prepaids include a year of home insurance up front, three months of taxes and insurance in escrow, and 6 days of interest to the end of the closing month.
What is left to pay
The seller already paid down the early, interest-heavy years.
Remaining first mortgage at closing23 yr 6 moOf the original 30-year loan at 2.83%
Interest already paid$17,066Through Dec 2026
Assumption only · ends Jun 2050$31,431
Assumption + second · ends Jun 2050, second Jan 2057$223,493
New conventional · ends Jan 2057$295,158